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EOG Resources swings to loss in Q1

EOG Resources Inc. said its first-quarter normalized net income was a loss of 27 cents per share, compared with the S&P Capital IQ consensus estimate of 0 cents per share.

The per-share result swung to a loss from the prior-year profit of $1.16.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $148.7 million, compared with income of $637.1 million in the year-earlier period.

The normalized profit margin fell to negative 6.6% from 15.1% in the year-earlier period.

Total revenue decreased 47.0% on an annual basis to $2.24 billion from $4.23 billion, and total operating expenses fell 23.4% year over year to $2.42 billion from $3.16 billion.

Reported net income totaled a loss of $168.9 million, or a loss of 31 cents per share, compared with income of $663.2 million, or $1.21 per share, in the prior-year period.